What is an Ethereum address?
You may have heard this called many different things: .ETH, Ethereum, ENS name, or Ethereum Name Service. These are all ways of referring to the .ETH suffix, which allows you to receive cryptocurrency to the wallet of your choice through a unique username (for example, “yourbusiness.ETH”).
As you begin the process of claiming your .ETH domain, you will need a wallet with crypto in it, and you will start encountering various fees, presented as “gas prices.” Let’s dive into some terminology.
What are the terms you should know?
Crypto = Short for cryptocurrency, is a virtual or digital currency that can be used for secure online payments. Crypto refers to the encryption algorithms to keep everything secure. Popular cryptocurrencies include Bitcoin and Ether.
ETH = The abbreviation for the cryptocurrency known as Ether, the digital coin used on the Ethereum network.
Wallet = A crypto wallet is required for buying and storing your cryptocurrency. It can be a mobile app or a hardware wallet (similar to a USB). Don’t have a wallet yet? Click here for some popular options: https://ethereum.org/en/wallets/find-wallet/. You will need a wallet with cryptocurrency in it to register your .ETH domain.
Blockchain = The system or ledger where all the crypto transactions are recorded and tracked. It allows for digital information to be recorded and distributed but not edited, allowing for a permanent record that cannot be altered or deleted.
Web 3.0 = Also known as the Decentralized Web, it is the idea for a new version of the World Wide Web powered by ledger technology (such as blockchain), focused on connecting data in a decentralized way.
Gas = Gas refers to the fees needed to conduct transactions on the blockchain. Gas prices fluctuate based on supply and demand and are measured in Gwei.
Gwei = Gwei is a combination of the words giga and Wei. It is a denomination of Ether (ETH) cryptocurrency. A Gwei is 1,000,000,000 Wei, with Wei being the smallest base unit of ETH. Gwei is also called nanoether, as nano is the prefix used to denote one-billionth of something.
Do businesses need a .ETH domain?
Need a real-world example? We recently set up Unidev.ETH. The benefit is that we can accept cryptocurrency as a payment option, as seen here: https://commerce.coinbase.com/invoices/XXRLLY83. Our customers can pay with Bitcoin, Bitcoin Cash, Dai, Dogecoin, Ethereum, Litecoin, and USD Coin.
Even if you aren’t ready to jump on the Web 3.0 train just yet, domain names are being scooped up quickly, so it is wise to secure yours now while it is still available. Check if yours is available here: https://app.ens.domains/. You don’t even have to do anything with your domain yet, but at least you will own it down the road if you decide to become active in the growing Ethereum universe!
Have questions? Let us help you wade through the world of Web 3.0. Contact our team today!